Jefferies Starts Helmerich & Payne (HP) at Hold

Earlier, Jefferies initiated coverage on Helmerich & Payne (NYSE: HP) with a Hold. PT $59.00.

The firm comments, "HP is considered the pre-eminent land driller in the U.S. and the best positioned to benefit from the continued expansion of shale drilling activity in the U.S. However, we are initiating coverage with a Hold rating and a $59 price target as we believe the premium nature of the company's rig fleet is adequately captured in the stock price, especially considering our more cautious NAM land rig expectations and expectations of a peak in land rig dayrates."

For an analyst ratings summary and ratings history on Helmerich & Payne click here. For more ratings news on Helmerich & Payne click here.

Shares of Helmerich & Payne closed at $54.02 yesterday.

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